Sun Hung Kai Chairmen Arrested in Hong Kong

By

Polly Hui And

Jeffrey Ng

Updated March 30, 2012 12:20 a.m. ET

HONG KONG—Two billionaire brothers who are among the city's most powerful property tycoons and the city's former No. 2 official were arrested Thursday on suspicion of bribery in a case that gets to the heart of city's business culture and its economy.

The Kwok brothers and their families control Sun Hung Kai Properties Ltd., one of the world's biggest real-estate developers and a company that has itself been hit in the past by bitter...